Making Money with Forex Trading
“Zan, how much money can I make trading the forex market?”
“Hey, can I make at least $1000 per month on the side with trading?”
“Can I get financial free with forex trading?”
“Can I start managing $10 Millions, when I learn to trade?”
Here we go my traders… those are just a few questions I sometimes get from the traders. Traders that do not have yet the skin in the trading world. Traders that think, and believe, trading is just about clicking the “BUY” and “SELL” button, and the place where easy money is made. In order to learn to trade forex (or any other financial market) you have to invest time and energy to become a successful trader.
Stop right there my friend.
If you have this kind of thinking, do not you dare to start trading with your live trading account already. This kind of the thinking will not get you far. You need to have the right knowledge and right trading beliefs and mindset. Learning to trade is an investment in yourself. If you want to learn to trade forex, stock, futures find yourself a forex mentor if you want to fastrack your trading progress and save time.
Trading is not 9-5 job
Trading is not like a regular 9-5 job. There is no fixed income return you are guaranteed to make at the end of the month. Everyone who is promising and guaranteeing you can make X amount of the money (or X amount of return) in x period of time is just a scammer. Do not listen to him and ditch him out of your life.
Nowadays there are a lot of so-called trading gurus and marketing geniuses, who are trying to snatch the money from naive people, by promising everyone they can make money trading forex. Learn to trade forex by focusing on yourself and our trading.
Truth is, anyone can make money trading the forex, BUT NOT everyone can keep it, and be successful on the long-term. Not because of the bad markets or bad weather outside, but because of the 3 keys: MINDSET, TRADING EDGE AND RISK MANAGEMENT.
Anyone can make a trade, but not everyone is ready to invest their time, energy and money in order to become a good trader.
By good trader I mean the trader who is consistently profitable on the long-term, by consistently sticking, following his trading process and therefor growing his trading account steady without big draw-downs on the way. Trader who have good, healthy trading skills and habits.
You do not become a good trader after you bought a few books on trading, or bought a trading course on price action.
Fall in Love with the Process and Journey
You become a good trader by practicing, trading, learning and improving.
Learning to trade is a progress. It’s a journey. It is not a “start-at-the-morning, earn-everything-by-the-evening” thing.
Forex trading or Stock trading… bottom line is, trading the financial markets is a business like any business out there. You need to learn about it as much as possible, you need to give yourself a time to learn and become good at it. If you have a passion for your trading, learn to trade forex and try to become the best trader possible.
There is no other way around.
No short cuts.
No magic formulas.
It is all about practicing, applying what works and ditching everything else.
Same as in every other business, whether is about boxing business, e-commerce or running Italian restaurant in the City.
You can lose all, or gain everything.
There is no right answer on wrong questions like above.
Ask Yourself the Right Questions
Instead of asking me the wrong questions on “how much money you can make trading forex”, start focusing on the steps you need to take to become a good trader.
Forex market will be always here, or at least for the next 20-30 years.
There is no reason to rush when you start learning to trade.
Give yourself a time to develop right trading skills and habits. Invest some time in your trading plan, trading journal, and learn to trade forex with the right trading skills and habits.
Learning to trade and journey to become a good trader is lifetime investment in yourself and your trading career.
Fact is, when trading the financial markets, money is just a “by-product” of your decisions and actions you take.
Your trading process creates your results.
As a trader you can’t control result on each trade you will take, but you have a full control on your trading process.
So instead of asking wrong questions related to trading results and how much money you can make, start asking the right questions.
“How can I organise my trading and daily routine?”
“What are the ways to manage the trade when it goes in your direction or against?”
“Is risking 2% per trade smart, if I am planning to trade for the next 10 Years?”
“Should I practice trading first on my demo account, and move to my live account only after I am consistently profitable for at least 3 months in row?”
Those are the right questions.
Because you are asking on how to become a good trader by developing right trading habits and skills.
Focus on those and you will be ahead of many.
If you are asking yourself, or your forex mentor, wrong questions, there is no right answer on them.
Two traders will not have the same results.
Forex results depends on your trading process and things such as:
- Trading Edge
- Trading Personality
- Market Conditions
- Risk Personality
- Money and Risk Management Rules
- Ways of Managing Your Trades
- Pairs and Markets Traded
- Time-frames Traded
…and much more!
Focus on becoming a good trader.
Learn and apply good skills and habits.
Focus on your trading process, because everything else is just a noise.